Hines Unveils Miami Mixed-Use Tower Project
- May 24, 2017
Hines is bringing something to Miami that hasn’t been seen in the city’s central business district in eight years: a big, Class A office tower. Hines just revealed plans to develop 110 10th St., a 600,000-square-foot office-led, mixed-use skyscraper that, at 45 stories tall, will take a prominent place on the Miami skyline.
Featuring premier office space and a sprinkling of high-street retail offerings, 110 10th will occupy a prime downtown spot adjacent to the 360,000-square-foot high-street retail promenade at the 27-acre Miami Worldcenter, one of the largest private real estate projects presently underway in the U.S. 110 10th will also sit across from the Brightline’s Miami terminal. Hines expects the all-important location factor to play a major role in the property’s success.
“Traffic, access and amenities have become a critical issue for office users and decision makers,” Michael Harrison, senior managing director with Hines, said in a prepared statement. “Law firms, financial institutions, technology companies, and accounting and professional service firms are all focused on recruiting and retaining millennials, and accessibility and proximity to transit will drive decisions for tenants. 110 10th will provide our tenants with superior ‘first-on’ and ‘first-off’ access to the interstate and Biscayne Boulevard in all directions, and we’re within walking distance of Miami’s new mass-transit hub.”
The office market in Miami is on the upswing, courtesy of rising demand and a low level of new construction over the last several years, according to a report by commercial real estate services firm CBRE Group. The pricing numbers help tell the story, especially in the CBD, where the average asking lease rate for Class A space jumped 11.1 percent year-over-year in the first quarter, reaching $52.4 per square-foot. One of the loud voices behind the cry for premier office space is coming from co-working businesses, which are presently on the hunt for a total of roughly 200,000 square feet of office space in Miami-Dade County, per the report. The CBD’s downtown and Brickell submarkets, as well as the Airport area, are high on the list for this sector.
Construction of the Pickard Chilton Associates-designed 110 10th is on track to kick off during the second quarter of 2018. Hines anticipates welcoming the first tenants to the tower in late 2020 or early the following year.
Image courtesy of Hines